Oh dear, Matthew Sigel of VanEck has dropped a nuclear bomb on the crypto startup scene. If Bitcoin (BTC) takes a nosedive, he says, the “gold rush” of digital asset treasury (DAT) firms will screech to a halt—like a bear market bear catching a whiff of a bank holiday sale. 🐻🛍️
On his appearance on The Wolf of All Streets YouTube channel (because nothing says “authority” like a YouTube channel named after a metaphor for chaos), Sigel clued us in: DAT companies are basically the fast food of the crypto world—sprouting up everywhere as long as Bitcoin’s riding high. But once BTC starts its downward spiral, he says, “the sandbox will be empty, and we’ll all be playing with the same toys.” 🚫🏗️
“I think it will continue to the smaller cap coins until Bitcoin sells off. And then this stuff will close up completely… There will be no new companies. And then we will kind of play in the existing sandbox.”
Translation: “We’re all going to be stuck at the park with the same broken swings.” 🪑
Now, let’s talk MNAV. Sigel’s favorite acronym, which is basically your GPA but for crypto startups. If MNAV dips below one, he warns, DAT firms will be trading at a “discount”—read: “we’re all broke now.” And if it’s above one? “Premium” — which means, “still broke, but with better marketing.” 📈
“I think some of those will go under 1x MNAV. Then there will be a bifurcation between who draws a line in the sand and says, ‘look, we’re not going to dilute below 1x MNAV, we may even buy back stock.’ Those will be the survivors. And some of the others might be acquired.”
Translation: “Some companies will try to save face by buying back shares, while others will be gobbled up like cheap snacks at a party.” 🍫
Bitcoin’s currently trading at $118,282, a 4% dip from its July peak. So, is this the end of the road for DATs? Probably not. But if you’re investing, maybe take Sigel’s advice and “draw a line in the sandbox” before the next bull run turns into a bear market buffet. 🚨
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2025-07-31 17:42